Bybit to introduce Mandatory KYC Requirements starting May 8 2023
Bybit mandatory KYC rules are coming. Starting May 8, 2023, the cryptocurrency exchange Bybit will require identity verification for its products and services.
Bybit mandatory KYC starts May 8
Starting May 8, Know Your Customer (KYC) identity verification will be mandatory for all products and services offered by cryptocurrency exchange Bybit. In addition, any users that have not completed KYC will be prevented from trading on the platform.
What non-KYC users can still do
According to an April 24 update, Bybit users who have not completed KYC by May 8 can only “close existing open positions or orders, return loans, or withdraw. Any new trading activities will be restricted.”
Also, non-KYC Bybit users have a daily withdrawal limit of 20,000 Tether.
About Bybit
Bybit was founded by Chinese entrepreneur Ben Zhou in 2018 and is currently headquartered in Dubai. Earlier this month, Japan’s Financial Services Agency flagged the company for allegedly conducting business inside the country without proper registration.
Last month, the exchange introduced a Mastercard-powered debit card allowing users to pay in crypto. The move came just days after Bybit halted United States dollar transfers after the collapse of Silvergate Bank.
For more background, you can read about Know Your Customer on Wikipedia.
Key takeaways
- KYC identity verification becomes mandatory for all Bybit products and services starting May 8.
- Users without completed KYC can only close existing open positions or orders, return loans, or withdraw.
- Non-KYC Bybit users have a daily withdrawal limit of 20,000 Tether.
- Ben Zhou founded Bybit in 2018, and it is headquartered in Dubai.
Related reading on Creative Geniusess
Meanwhile, these related stories on Creative Geniusess cover other crypto exchanges.
- MEX C’s Lockout Raises Concerns Over Bitcoin Futures Trading and Platform Integrity covers users locked out of Bitcoin futures trading.
- Binance Will convert $1 Billion BUSD to Native cryptos including Bitcoin and Ethereum reports a plan to convert BUSD to bitcoin, ether and other tokens.
- We Stopped Trading on Coinbase. Here’s the Exchange We Mostly Use Now. compares fees on Coinbase with another exchange.
